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Bitcoin Price Has Bottomed, Predicts Expert Who Predicted Earlier Crashes

Veteran trader Peter Brandt predicts Bitcoin (BTC) price may not witness another sharp decline. BTC price soars 4% in a day.
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Bitcoin Price Has Bottomed, Predicts Expert Who Predicted Earlier Crashes

Bitcoin (BTC) price successfully surpassed over $20K after struggling for over a month and held over the psychological level despite volatile market and macro conditions. Now, veteran trader Peter Brandt claims Bitcoin price may not witness another sharp decline.

Interestingly, Peter Brandt was the first to predict Bitcoin’s fall to $28,000, when the BTC price was trading at the $38,000 level in early May. He also predicted a drop to $22K.

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Peter Brandt Negates Another Decline in Bitcoin

Veteran trader Peter Brandt in a tweet on November 5 shared that Bitcoin may not witness another sharp decline. While others await Bitcoin to trend lower, Brandt has different views on Bitcoin as the price jumps over $21,500.

“Trend lower but I’m thinking another sharp decline may NOT happen. For now I’m considering incandescent vision but will transition to LED then laser vision as warranted.”

Peter Brandt has made several accurate predictions regarding Bitcoin (BTC) previously. He successfully predicted Bitcoin decline below $28K when the price was trading near $39k. In a recent prediction, which he reiterated several times, Peter Brandt said the BTC price may touch a low of $14K. Also, the analysis was supported by popular analyst Big Cheds.

However, he now believes Bitcoin price may not witness another sharp decline. Peter Brandt accurately predicted Cardano (ADA) fall to $0.33, when it was trading at $0.50 for the last 4 months.

As per CoinMarketCap, Bitcoin (BTC) price currently trades at $21,368, up over 4% in the last 24 hours. The rally came after the U.S. reported an increase in the unemployment rate to 3.7% in October. The U.S. Dollar Index (DXY) declined 1% to 111.5, falling further to 110.72 today.

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Other Factors Supporting BTC Bottom

Popular crypto analyst Michael van de Poppe predicted Bitcoin price will remain bullish despite the Fed rate hike. The next level for BTC price should be $22.4K. Moreover, Fed Chair Jerome Powell hints slowdown in rate hikes in the future.

Stablecoins flow has increased again, indicating large investors and whales are moving money in stablecoins. Historically, the recent Bitcoin rally in 2021 was supported by the stablecoins flow.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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